Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Whether a regulatory authority's operational creditor claim, arising only after liquidation commencement, could be admitted in liquidation was decided by construing IBC read with Liquidation Process Regulations. Regulations 12 and 13 peg submission/updation of claims and estimation of liabilities strictly "as on the liquidation commencement date," reflecting a statutory freeze of claims and liabilities on that date and excluding post-commencement crystallisation. Since the asserted liability arose from an adjudicatory order passed after liquidation commencement, the liquidator lacked statutory authority to entertain it, and the adjudicating forum rightly affirmed rejection. The appeal challenging non-admission of such post-commencement claim was dismissed. - NCLAT
Whether a regulatory authority's operational creditor claim, arising only after liquidation commencement, could be admitted in liquidation was decided by construing IBC read with Liquidation Process Regulations. Regulations 12 and 13 peg submission/updation of claims and estimation of liabilities strictly "as on the liquidation commencement date," reflecting a statutory freeze of claims and liabilities on that date and excluding post-commencement crystallisation. Since the asserted liability arose from an adjudicatory order passed after liquidation commencement, the liquidator lacked statutory authority to entertain it, and the adjudicating forum rightly affirmed rejection. The appeal challenging non-admission of such post-commencement claim was dismissed. - NCLAT
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